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Ramadan sees rise in remittances

dubai - The increase is reflected in outward remittances to South Asia, the Levant and other parts of Mena

Xpress Money has recorded a 12 per cent increase in remittances in the first two weeks of Ramadan, as compared to the same period last year.

The increase is reflected in outward remittances to South Asia, the Levant and other parts of the Middle East and North Africa (Mena) region.

"We traditionally witness that remittances back home to friends and loved ones increase during the month. This year, we have registered a 12 per cent increase in remittances in the first two weeks of the holy month, and this figure may change once we tabulate data for the entire month after Eid-al-Fitr," said Xpress Money's COO, Sudhesh Giriyan.

Last year, a GCC-wide survey by Xpress Money showed 44 per cent of UAE expatriates transferred more money to their loved ones during the month, while 69 per cent spent more on charitable acts; 43 per cent said they spend more time socialising with friends and family during Ramadan.

- business@khaleejtimes.com